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Simplist Mortgage Rates Review

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Founded in 2018, Simplist is a mortgage marketplace where borrowers can review a range of mortgage options to find the solution that best meets their needs. The company works with multiple lenders, some of which will consider self-employed people and those with imperfect credit histories who might be turned down for a mortgage. It offers a 100% online mortgage pre-qualification, application, and closing process. Simplist is located in New York, New York and serves customers in 19 states and the District of Columbia.
 
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How Do We Rate Simplist?

Breakdown

Our Overall Rating: 0 / 5 (N/A)

Simplist is a mortgage marketplace that allows borrowers to review offers from multiple lenders to find the best first mortgage or refinance loan to suit their needs. The company can connect you with lenders who offer fixed- and variable-rate loans with multiple terms, VA and FHA mortgage as well as Non QM and loan options specific for foreign nationals..

Simplist states that most of the mortgage lenders it works with require a credit score of 620 or higher, but also allows that borrowers who have less than ideal credit histories may still be able to find a mortgage through the site. The company encourages self-employed people, who often have a hard time getting approved for a mortgage elsewhere, to apply on the marketplace. In addition, borrowers seeking to finance multi-unit, investment, bank-owned, or foreclosed properties have options through Simplist.

Simplist Loan Specifics

Available Mortgage Types - 0 / 5

Simplist connects borrowers to multiple lenders, including some of the largest online mortgage companies, to help them find the mortgage that best suits their needs. At present, the company offers fixed-rate loans with terms of 10, 15, 20, 25, and 30-year terms. The company also offers adjustable-rate loans but doesn't disclose adjustable mortgage terms on its website. But the benefit of finding a mortgage through a marketplace is that borrowers typically are presented with a wider variety of options than they might have by working with a direct lender. Simplist also offers government-guaranteed VA and FHA loans, which may provide qualified homebuyers the opportunity to purchase a home with a low down payment or no down payment at all.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 25 Year
  • Fixed Rate 30 Year

Simplist Customer Experience

Customer Experience - 0 / 5

Simplist's website lives up to its name: it's pretty simple to understand. The company's FAQ section is comprehensive enough to answer the questions most people will have about working with a mortgage marketplace. It's a great place to start when trying to learn about loan options through Simplist. The company also publishes a blog where borrowers can learn about the basics of home buying and mortgage lending. If you're an inexperienced buyer, you may want to start with the mortgage glossary Simplist has put together.

Simplist has an interactive mortgage payment calculator that allows borrowers to get estimated rates under a wide range of purchase scenarios. Simply enter your property location, its purchase price, and the amount of your down payment in the online form and the tool will return estimated payments under various interest rates.

Once you apply for a mortgage, see offers, choose a lender and loan type, and are approved for the mortgage of your choice, Simplist encourages borrowers to lock down the offer. Locking down guarantees your rate won't change as you go through the closing process. Lock downs last for 30 days, but if your closing takes longer than expected, you can typically extend the lock for an additional 60 days.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
No application or processing fees
1-on-1 Professional Guidance
Mortgage Calculator
Help Articles

Simplist Qualification Requirements

Qualification Requirements - 0 / 5

Simplist is a mortgage marketplace and does not set credit, income, or other qualification standards for borrowers. Rather, they're set by the individual lenders that Simplist works with. The company states that most of its lenders require a modest credit rating of 620, but allows that they can often help people who have slightly lower scores find a loan.

Key Requirements at a Glance

Non-Traditional Credit History Considered?
Yes

Simplist Lender Reputation

Reputation & Transparency - 0 / 5

Simplist earns an A- rating from the Better Business Bureau. The company is not yet rated by Trustpilot. There is one regulatory action against Simplist registered with the Nationwide Mortgage Licensing System. The company has a clean record with the Consumer Financial Protection Bureau.

Key Facts

Lender Type
Marketplace
Year Founded
2018
BBB Rating
A-
Trustpilot Rating
0.0 out of 5
Collection Date
2021-09-23

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
1764611
The Nationwide Mortgage Regulatory Actions
1
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
Simplist Mortgage Rates
Company Website
https://www.simplist.com/
Headquarters
500 7th Ave, 8th Floor, New York, NY, 10018

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